Bitcoin Trade Namibia (BTN), an emerging bitcoin marketplace, is trying to make things work for Namibians keen on investing in digital assets, even though it could take up to three days before buy orders are settled. However, in an industry where government forces crave control, the delay looks like it should be worth the wait.
Namibia’s Investor-Centric Marketplace
BTN has adopted the know-your-customer and anti-money laundering requirements of the Bank of Namibia (BoN), the country’s central bank, giving it a chance of survival in an economy where the commercial use of cryptocurrency is banned.
“The idea is to provide a safe and secure on and off ramp for bitcoin for Namibians who have expressed increasing interest … in the cryptocurrency,” Tshuutheni Emvula, co-founder and chief executive officer of BTN, told news.Bitcoin.com. “We are of the opinion that bitcoin, at its fully realized potential, provides the Namibian entrepreneur and consumer the perfect open payment mechanism for a digitally connected world.”
Emvula said it will be “a long road” before that is achieved, but “it starts with Namibians being able to participate in the network’s activities by actually owning BTC. Through direct ownership, greater interest in BTC and its ecosystem on behalf of the owner is incentivized.”
Founded in March this year by a group of software developers, Bitcoin Trade Namibia touts itself as a “non-speculative BTC marketplace,” that allows people in the southern African country a platform “that does not work as an exchange” to buy and sell bitcoin using the local Namibian dollar.
Buyers transfer money to a BTN bank account number in exchange for BTC,